Identify Which of the Following Statements Is False

Identify which of the following statements is false.

A) The alternative minimum tax is the excess of the tentative minimum tax amount over the regular tax amount.
B) All corporations with gross receipts of less than $10 million are exempt from the AMT.
C) If the firm does not qualify for Small C corporation status,the C corporation statutory exemption amount for alternative minimum tax purposes is phased out when alternative minimum taxable income reaches $310,000.
D) The purpose of the AMT is to ensure that every taxpayer with substantial economic income pays a minimum tax.